The Saudi economy will grow at a slower pace this year than previously expected, a Reuters poll shows, with oil prices falling from their recent peak. The survey also showed that the UAE's economy will grow at the fastest pace in the region.
After 8.7 percent growth in 2022, Saudi Arabia, the GCC's largest economy, contracted 0.9 percent last year as crude oil prices fell from $139 a barrel, a peak in March 2022, to around $82 a barrel in 2023.
According to the survey, the Saudi economy is expected to grow 1.9 percent in 2024, down from 3 percent in a survey in January.
Source (Al-Araby Al-Jadeed newspaper, Edited)
